C/OLR/46/2025 ORDER DATED: 12/09/2025 IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/OFFICIAL LIQUDATOR REPORT NO. 46 of 2025 In R/COMPANY PETITION NO. 111 of 2013 ========================================================== OLR OF M/S DHARNENDRA INDUSTRIES LTD. (IN LIQUIDATION) Versus NA ========================================================== Appearance: BHOOMI M THAKORE(6237) for the Applicant(s) No. 1 ========================================================== CORAM:HONOURABLE MRS. JUSTICE MAUNA M. BHATT Date : 12/09/2025 ORAL ORDER 1. Heard Ld. advocate Ms. Bhoomi M. Thakore for the Applicant. 2. The present Report has been filed by the Official Liquidator with the following prayers: a) This Hon'ble Court may be pleased to take the facts on the record of this Hon'ble Court. b) This Hon'ble Court may be pleased to ratify the action taken by the Official Liquidator of taking possession of assets being land of the company in liquidation situated at Survey No. 587 & 590 situated at Village Sachana, Taluka: Viramgam, Dist. Ahmedabad. C/OLR/46/2025 ORDER DATED: 12/09/2025 c) This Hon'ble Court may be pleased to constitute asset sale committee comprising of Official Liquidator as Chairman and Dy. Registrar, High Court of Gujarat as members of the asset sale Committee. d) This High Court may be pleased to permit the Official Liquidator to take steps for sale of aforesaid assets carryout valuation of assets (land) of the company situated at Survey No. 587 & 590 situated at Village Sachana, Taluka: Viramgam, Dist. Ahmedabad. e) Such other and further orders and directions as may be considered just and appropriate may also be passed. 3. The company namely M/s. Dharnendra Industries Ltd. has been ordered to be wound up by this Court vide order dated 07-09-2017 passed in Company Petition No. 111 of 2013 and the Official Liquidator attached to this Hon’ble Court has been appointed as Liquidator of the Company. The Official Liquidator was also permitted to take possession of assets and properties of the company. 4. The report indicates that the Official Liquidator could not take the possession of Registered Office and Factory Premises located at Plot No. 908/1 & 908/2, GIDC Engineering Estate, Sector-28, Gandhinagar, as well as the Land and Building situated at Survey No. 591, Village: Sachana, Taluka: Viramgam, District: Ahmedabad C/OLR/46/2025 ORDER DATED: 12/09/2025 respectively. Further, the ex-directors of the company (in liquidation) have neither filed statement of affairs under section 454 of the Companies Act, 1956 nor recorded their statement under rule 130 of the Companies (Court) Rules, 1959. Thus, the Official Liquidator filed compliance report being Official Liquidator’s Report No. 23 of 2019 narrating aforesaid facts and praying the permission to initiate criminal proceeding against ex- director of the company (in liquidation) under section 454 (5) of the Companies Act, 1956. After hearing the matter, this Court vide order dated 20.02.2019 passed in Official Liquidator Report No. 23 of 2019 permitted the Official Liquidator to initiate Criminal Proceedings against the ex- directors of the Company in liquidation u/s. 454(5) of the Companies Act, 1956 due to non-filing of Statement of Affairs by the Ex-directors of the company. Accordingly, the Official Liquidator was filed Criminal Case No. 1 of 2019 against ex-directors of the company (in liquidation) before this Court for non-filing of the Statement of Affairs and for non-compliance with the requirement to record statements. This Court disposed of the said criminal case vide order dated 15.03.2022, imposing a penalty of Rs. 75,000/- on the ex-director of the company. The penalty amount has since been deposited. 5. The report further indicates that the Official Liquidator issued letter 12-08-2024 to Assets Care Enterprise Ltd. (ACRE), being secured creditor of the company to enquire about the status of land situated at Survey No. 587, 590, 591, 592 & 593, Village: Sachana, C/OLR/46/2025 ORDER DATED: 12/09/2025 Taluka: Viramgam, District: Ahmedabad, Gujarat which are in the name of the company in liquidation. Assets Care Enterprise Ltd. (ACRE) vide its letter dated 30-08- 2024 informed the Official Liquidator that M/s. Dharnendra Industries Limited had created an equitable mortgage in favour of ACRE with regard to properties (land) situated at Survey No. 587, 590, 591, 592 & 593, Village: Sachana, Taluka: Viramgam, District: Ahmedabad, Gujarat. However, ACRE has already been sold the land bearing Survey No. 591, 592 & 593 situated at Village: Sachana, Taluka: Viramgam, District : Ahmedabad, Gujarat under SARFAESI Act, 2002 to M/s Shree Rajlakhsmi Logistics Ltd. Further, Assets Care Enterprise Ltd. (ACRE) has intimated that ACRE has recovered their entire outstanding dues and they have no security interest over land bearing Survey No. 587 & 590 situated at Village: Sachana. Thereafter, the Official Liquidator issued letters dated 03.10.2024 and 25.11.2024 to Ex-directors of the company inquiring about the exact status of land bearing Survey No. 587 & 590 and ownership and possession of said lands as on the date. In response to said letter dated 25-11-2024, Mr. Dharmendra Babulal Gandhi, Ex-director vide letter dated 03-12-2024 informed that ownership and possession of land bearing Survey No. 587 & 590 situated at Village Sachana, Taluka: Viramgam, Dist. Ahmedabad is in the name of M/s. Dharnendra Industries Limited. 6. Subsequently, the Official Liquidator has written a letter dated 20.01.2025 to the ex-directors and secured C/OLR/46/2025 ORDER DATED: 12/09/2025 creditor of the Company in liquidation requesting them to remain present at premises of the company situated at Survey No. 587 & 590 situated at Village Sachana, Taluka: Viramgam, Dist. Ahmedabad to handover the possession of the assets of the Company (in liquidation) to the representatives of the Official Liquidator. 7. Accordingly, the Official Liquidator has taken possession of land of the Company situated at Survey No. 587 & 590 situated at Village : Sachana, Taluka: Viramgam, Dist. Ahmedabad on 07.02.2025. 8. The report also indicates that the Official Liquidator vide letters dated 12.02.2025 and 05.03.2025 requested Mamlatdar, Viramgam and Talati Sachana Village to provide the revenue records of the properties which are in the name of M/s. Dharnendra Industries Ltd (In Liquidation). In this regard, the Mamlatdar, Viramgam vide letter dated 27-03-2025 sent revenue records of the concerned properties of the company in liquidation. The said records shows that lands situated at Survey Nos. 587 & 590, Village: Sachana, Taluka: Viramgam, Dist. Ahmedabad belongs to M/s. Dharnendra Industries Ltd. 9. It is also stated that in the report that Assets Care Enterprise Ltd. (ACRE) has no security interest over said land of the company situated at Survey No. 587 & 590, Village : Sachana, Taluka : Viramgam, Dist. Ahmedabad C/OLR/46/2025 ORDER DATED: 12/09/2025 and no workers or any union of workers has approached the Office of the Official Liquidator for their claim in the matter. Therefore, the Official Liquidator has proposed to sale the said land of the company in liquidation through public e-auction and constitution of asset sale committee comprising of the Official Liquidator as Chairman and Dy. Registrar, High Court of Gujarat as members of the asset sale Committee. 10. Considering the submissions and noticing the facts narrated in the Report, it would be appropriate to ratify the action taken by the Official Liquidator for taking possession of land of the company situated at Survey No. 587 & 590, Village : Sachana, Taluka : Viramgam, Dist. Ahmedabad. 11. So far as prayer (c) of the report is concerned, Assets Sale Committee comprising of Official Liquidator as Chairman and Dy. Registrar (Judicial), High Court of Gujarat as member of the asset sale committee is constituted for the purpose of sale of assets of the company (in liquidation). 12. So far as prayer (d) of the report is concerned, the Official Liquidator is permitted to take steps for sale of assets by carryout valuation of assets (land) of the company in liquidation situated at Survey No. 587 & 590, Village : Sachana, Taluka : Viramgam, Dist. Ahmedabad C/OLR/46/2025 ORDER DATED: 12/09/2025 through empanelled Govt. Approved Valuer. 13. After receiving valuation report from the valuer, the same may be placed before the Assets Sale Committee and committee may decide on further course of action regarding sale of the properties of the company (in liquidation). 14. With the aforesaid observations and directions, the present Report is allowed and disposed off accordingly. (MAUNA M. BHATT,J) NAIR SMITA V./29 Original copy of this order has been signed by the Hon'ble Judge. Digitally signed by: SMITA VINU NAIR(HC00186), PRINCIPAL PRIVATE SECRETARY, at High Court of Gujarat on 12/09/2025 17:16:08